2023 Q1 Form 10-K Financial Statement

#000149315223009799 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $556.9K $532.8K $2.086M
YoY Change -14.52% 25.56% 104.61%
% of Gross Profit
Research & Development $2.591M $755.9K $1.579M
YoY Change 7017.16% 2089.08% 1825.03%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.148M $1.289M $3.665M
YoY Change 357.56% 180.83% 232.75%
Operating Profit -$3.148M -$1.289M -$3.665M
YoY Change 357.56% 180.83% 232.75%
Interest Expense $560.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net -$562.9K $2.181M $2.181M
YoY Change 632.96% 632.96%
Pretax Income -$3.710M $891.9K -$1.485M
YoY Change 439.31% -606.34% -7.74%
Income Tax -$1.600K
% Of Pretax Income -0.18%
Net Earnings -$3.700M $893.5K -$1.485M
YoY Change 436.62% -602.68% -7.83%
Net Earnings / Revenue
Basic Earnings Per Share -$0.23 -$0.13
Diluted Earnings Per Share -$0.23 $0.06 -$0.13
COMMON SHARES
Basic Shares Outstanding 16.70M shares 15.30M shares 47.66K shares
Diluted Shares Outstanding 67.21K shares 47.66K shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.188M $7.538M $7.538M
YoY Change 6.43% 12.93% 12.93%
Cash & Equivalents $6.188M $7.538M
Short-Term Investments
Other Short-Term Assets $595.4K $956.9K $956.9K
YoY Change 113.32%
Inventory
Prepaid Expenses $595.4K $956.9K
Receivables
Other Receivables
Total Short-Term Assets $6.784M $8.495M $8.495M
YoY Change 11.32% 27.26% 27.26%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.00 -$3.00 $0.00
YoY Change -40.0%
TOTAL ASSETS
Total Short-Term Assets $6.784M $8.495M $8.495M
Total Long-Term Assets $3.00 -$3.00 $0.00
Total Assets $6.784M $8.495M $8.495M
YoY Change 11.32% 27.26% 27.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.279M $888.5K $888.5K
YoY Change 4050.77% 789.26% 789.26%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.011M $2.548M $2.548M
YoY Change 7205.33% 2450.22% 2450.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.011M $2.548M $2.548M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.011M $2.548M $2.548M
YoY Change 7205.33% 2450.25% 2450.23%
SHAREHOLDERS EQUITY
Retained Earnings -$75.70M -$72.00M
YoY Change 2.16%
Common Stock $16.70K $15.30K
YoY Change 47.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.772M $5.947M $5.947M
YoY Change
Total Liabilities & Shareholders Equity $6.784M $8.495M $8.495M
YoY Change 11.32% 27.26% 27.26%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$3.700M $893.5K -$1.485M
YoY Change 436.62% -602.68% -7.83%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.300M -$1.951M -$3.567M
YoY Change 51.03% 943.98% 190.33%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.430M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.430M $4.430M
YoY Change -35.41% -43.95%
NET CHANGE
Cash From Operating Activities -$1.300M -1.951M -$3.567M
Cash From Investing Activities
Cash From Financing Activities 4.430M $4.430M
Net Change In Cash -$1.350M 2.479M $862.9K
YoY Change -62.84% -87.07%
FREE CASH FLOW
Cash From Operating Activities -$1.300M -$1.951M -$3.567M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_846_eus-gaap--UseOfEstimates_zPOaR3DwEZOi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_znlS3YRlEpLe">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include the assumptions used in the accrual for potential liabilities, the valuation of debt and equity instruments, the valuation of stock options and warrants issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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